Kelantan police chief, Datuk Shafien Mamat said the victim's girlfriend had proposed that he join the scheme, which promised a daily 1% return based on a pre-determined duration.
"In a span of just one week, the victim had made investment transactions totalling RM242,000 by making payments to four individual accounts to purchase cryptocurrencies for investment purposes through an e-wallet application that is downloaded from the investment website. "The status of investments of the victim is monitored through the e-wallet application," he said in a media statement here on Friday .
According to Shafien, the case is being investigated under Section 420 of the Penal Code which provides for a jail term of between one to 10 years with whipping and a fine if found guilty. He urged the public to be careful when making face-to-face or online investments. He also advised the public to check with the relevant authorities like the Security Commission , Companies Commission of Malaysia or Bank Negara before making investments. - Bernama